Near Term Trend: Neutral
Friday’s Close: $1,310.20 (- $5.40)
UPDATE: Eight weeks ago we cautioned Gold might be overbought. Two weeks ago we highlighted, “Key near term support is currently $1,315.00, based on our uptrend line dating back to last December. A daily settlement below that point could be a tipping point for much more concerted selling”.
As of this past Friday, Gold settled below $1,315.00 by roughly $5.00.
Our theory will now be tested.
Aggressive traders should sell on the opening Sunday, or pit trading hours on Monday.